Abu Dhabi's State Oil Firm Hires U.S. Investment Bank Moelis

Abu Dhabi National Oil Company (Adnoc) has appointed boutique U.S. investment bank Moelis & Co as an adviser as it seeks to attract billions of dollars in investments through joint ventures and prepares to publicly list shares in some units, three sources familiar with the matter said.

Earlier this month the state-owned company announced it was looking to float some of its service businesses and enter tie-ups with global investors to help it create new revenue streams and secure more market access as part of its 2030 strategy.

Adnoc is weighing proposals from Goldman Sachs, First Abu Dhabi Bank, HSBC and JP Morgan and others for lead roles in the listing of its fuel retailing business, ADNOC Distribution, sources familiar with the matter said last week.

Unlisted Adnoc has asked Moelis to create and expand partnerships and co-investment opportunities across new parts of Adnoc's businesses, one source said.

Moelis will oversee the broad strategy that could include more share market floatations and bringing private investors into some businesses, the second source said.

Rothschild has been picked as adviser for the flotation of ADNOC Distribution, two of the sources said. Last week Rothschild declined to comment on its role.

New York-based Moelis, founded by veteran U.S. dealmaker Ken Moelis in 2007, is already well established in the Middle East, having made its name there six years ago by advising the Dubai government on the $25 billion debt restructuring of Dubai World.

Currently it is advising Saudi Aramco [IPO-ARMO.SE] on its plan for a mammoth initial public share offer. A spokeswoman for Moelis declined to comment. Adnoc's spokesman was not available for comment.

Adnoc's strategy is driven by Sultan al Jaber, its new group chief executive who took charge last year and has since brought about changes in management and operating structures to make it more efficient and performance driven.